The Nigerian Financial Intelligence Unit (NFIU) has initiated an investigation into ₦48 billion suspicious transfers to Dubai and Hong Kong suspected to be an act of money laundering and fraud.
The funds were labeled based on agency sources, following several banks reporting massive, repeated payments by people and shell companies whose income sources were unidentified. Most of the funds were routed through foreign exchange websites and online payment portals.
NFIU officials believe the money might have been diverted for illegal business activities, including trade-based laundering and cross-border real estate purchases. Some of the transactions that were pointed out showed connections to bogus enterprises, while others traced back to named high-risk persons.
The agency is presently working with international financial institutions in an effort to follow the destination of the money and identify the true beneficiaries for the transactions.
An inside source further added, “These are red-flag transactions. The amounts are too large to be ignored, and the patterns are the ones typically used to disguise hot money.”
The governments of Dubai and Hong Kong have been approached as part of the global campaign to impose a clampdown on cross-border financial crimes.
This question comes at a time of growing concern over the use of foreign bank accounts and luxury real estate markets in cities like Dubai to stash embezzled public funds. Nigerian officials have already warned that illicit capital flight remains a major risk to the country’s economy.
The NFIU further added that they will partner with the police to ensure that whoever is behind it is brought to justice. Asset recovery processes may also be initiated if the funds are traced to corruption in government.
The investigation is ongoing, and additional names are set to be released once the trail of money has been completely established.
